Most Gulf bourses in purple as oil slide weighs on area

An investor displays a display displaying inventory data on the Abu Dhabi Securities Alternate June 25, 2014

Aug 30 (Reuters) – Most inventory markets within the Gulf ended decrease on Tuesday, following a pointy decline in oil costs and worries a few potential world recession.

Crude costs, a key catalyst for the Gulf’s monetary markets, fell by over $3 a barrel on fears an inflation-induced weakening of worldwide economies would soften gasoline demand, and as Iraqi crude exports have been unaffected by clashes.

Brent crude futures for October settlement fell $3.81, or 3.63%, to $101.28 a barrel by 1156 GMT, after hitting a session low of $100.90 a barrel.

Inflation is close to double-digit territory in most of the world’s largest economies, a degree not seen in near half a century. This might immediate central banks in the USA and Europe to resort to extra aggressive rate of interest hikes that would curtail financial progress and weigh on gasoline demand. learn extra

Saudi Arabia’s benchmark index (.TASI) declined 0.6%, weighed down by a 2.9% fall in Dr Sulaiman Al-Habib Medical Providers (4013.SE) and a 0.6% lower in Al Rajhi Financial institution (1120.SE).

The Qatari index (.QSI) eased 0.1%, with Qatar Islamic Financial institution (QISB.QA) dropping 1.3%.

In Abu Dhabi, the index (.FTFADGI) closed flat after a greater than 1% decline within the earlier session, with the United Arab Emirates’ largest lender First Abu Dhabi Financial institution (FAB.AD) edging 0.2% greater.

Dubai’s primary share index (.DFMGI), nonetheless, bucked the pattern to shut 0.8%, buoyed by a 2.7% leap in blue-chip developer Emaar Properties (EMAR.DU).

Outdoors the Gulf, Egypt’s blue-chip index (.EGX30) firmed 0.1%, ending two classes of losses, helped by a 2.7% rise in Abu Qir Fertilizers (ABUK.CA).

The index, which is down greater than 15% to this point this yr, has come beneath strain due to a pointy slide in international portfolio investor holdings and rising prices of key commodity imports, particularly since Russia’s invasion of Ukraine.

Reporting by Ateeq Shariff in Bengaluru; Modifying by Krishna Chandra Eluri

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